MTN Reports Record Loss Despite Dividend Surpassing Analyst Expectations

MTN Group surpassed dividend expectations, despite Africa’s largest telecom company by revenue reporting a historic loss due to currency devaluations.

The Johannesburg-based firm announced a dividend of R3.45 per share, exceeding the R3.35 per share estimate from a Bloomberg analyst survey.

MTN experienced a loss of R9.59 billion ($526 million) for the fiscal year ending December 31, which is significantly higher than the R3.87 billion loss predicted by four analysts in a Bloomberg survey.

The continent’s largest wireless carrier by revenue, operating in 18 countries, has faced challenges due to currency devaluations, particularly in Nigeria, which represents one-third of its sales.

Read: Nigerian telecom firms aim to increase prices

MTN reported revenues amounting to R188 billion, compared to the projected R185 billion.

Shares of MTN rose by up to 3.4% during early trading in Johannesburg, following the company’s announcement of a target to increase the dividend to R3.70 per share for the current financial year.

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